Free Morning Forex Trading signals – July 16, 2013

Please note that due to market volatility, some of the below sight prices may have already been reached and scenarios played out.

EUR/USD intraday: key ST resistance at 1.314

Pivot: 1.3140.Our preference: SHORT positions below 1.314 with 1.2995 & 1.295 in sight.

Alternative scenario: The upside penetration of 1.314 will call for a rebound towards 1.3205 & 1.325.

Comment: the pair stands below its previous high and remains under pressure.

GBP/USD intraday: under pressure.

Pivot: 1.5130.Our preference: SHORT positions below 1.513 with targets @ 1.5025 & 1.498.

Alternative scenario: The upside breakout of 1.513 will open the way to 1.5185 & 1.522.

Comment: as long as 1.513 is resistance, look for choppy price action with a bearish bias.

USD/JPY intraday: supported by a rising trend line.

Pivot: 99.10.Our preference: LONG positions above 99.1 with 100.45 & 100.8 as next targets.

Alternative scenario: The downside breakout of 99.1 will open the way to 98.55 & 98.2.

Comment: the pair is supported by a rising trend line and the RSI is above a strong support.

EUR/JPY intraday: the bias remains bullish.

Pivot: 129.4Our preference: Long positions above 129.4 with targets @ 131.1 & 131.4 in extension.

Alternative scenario: Below 129.4 look for further downside with 129 & 128.45 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

GBP/JPY intraday: supported by a rising trend line.

Pivot: 149.6Our preference: Long positions above 149.6 with targets @ 151.25 & 151.6 in extension.

Alternative scenario: Below 149.6 look for further downside with 148.85 & 148.2 as targets.

Comment: the next resistances are at 151.25 and then at 151.6.

AUD/USD intraday: turning up.

Pivot: 0.907Our preference: Long positions above 0.907 with targets @ 0.9205 & 0.925 in extension.

Alternative scenario: Below 0.907 look for further downside with 0.903 & 0.9 as targets.

Comment: the RSI is supported by a rising trend line.

Cac 40 (Jul 13) intraday: the upside prevails.

Pivot: 3845Our preference: LONG positions above 3845 with 3910 & 3945 as next targets.

Alternative scenario: The downside penetration of 3845 will call for a slide towards 3810 & 3751.

Comment : A bullish continuation pattern in flag is confirmed.

Dax (Sep 13) intraday: bullish bias above 8030

Pivot: 8030Our preference: LONG positions above 8030 with targets @ 8280 & 8357.

Alternative scenario: The downside penetration of 8030 will call for 7800 & 7725.

Comment: even though a consolidation cannot be ruled out, its extent should be limited.